2013 will go down as an interesting year for Southeast Michigan real estate. This year, I have been fortunate to come very close to my personal goals for business. One goal that I set for myself, was that 60% of my closed business would be from the listing side of the business. I have met this goal and believe I have learned more about what it takes to sell a home, not just list a home for sale.
Listing a Home
Listing a home for sale is that process where a seller chooses to tell the marketplace of buyers, “My home is for sale.” Understand that simply listing a home for sale, does not mean that the home will sell.
Listing a home requires attention to a few details. Combined with the items necessary to sell a home, your home will be in prime shape to sell.
Clean & Declutter
Intuitively, this makes sense, but some homeowners do not see their homes as buyers would see the home. The agent you are working with should be able to share their buyers’ experiences with you to help clean and declutter.
If there are obvious, even delayed, repairs to be completed on your home, get them done. If they are not completed, be prepared for a lower sales price or hard bargaining after inspections.
Stage Your Home
Maybe you have too much, or not enough, furniture in your home. Having furniture in a room, but not too much, allows potential buyers to see an idea of how a room can be laid out. For many folks, it is difficult to stare at a blank room and place their own furniture in a usable fashion. Too much furniture, and buyers can become overwhelmed or distracted by the lack of space a room may offer.
Selling a Home
Getting your home sold, requires more than just listing your home. Selling your home requires an initial price that induces buyers to first see your home and then write an offer on your home. Once the offer is negotiated and accepted, the sales price needs to also be such that the appraiser for the bank agrees on the value.
Yes. The initial price a sellers asks for their home is a huge part of what causes a home to sell. Combined with the preparation and marketing of the home, price will make your home extremely attractive to buyers.
Your list price should be a reflection of current market conditions, in comparison to your home. Things such as the amount of square footage, number of bedrooms, number of baths, kind of foundation, style of the home and location, all have an impact on the value the market places on your home. Considering that most of the folks purchasing a home today are financing their purchase (getting a mortgage), an eye always needs to be on the value an appraiser will come to, regarding your home. As such, I recommend crafting a market analysis of comparable sold properties that does not look at sales over 3 months old. Sometimes, you will need to go further back, but this should be as a last resort.
Combining recent sales and currently active homes, you and your agent will be able to come to a price that accomplishes 3 things: selling your home for the highest price, in the shortest amount of time.
While the price of a property for sale is the largest factor to getting a property sold, the influence of marketing can not be denied. Proper marketing of a property can add foot traffic to your showings, increase the number of offers sellers can choose from and possibly kick the sales price over the list price. As you are making your home shine by cleaning, decluttering and repairing, keep in mind that folks will likely learn about your home via the internet, in some way. Either through the multiple listing system, or some real estate website, the marketing impact of your home will be noticed.
By way of example, in search real estate online, have you noticed what makes you click on a particular listing, as opposed to just scrolling past others? First of all, properties with listing images are the ones I stop scrolling on. After that, it is typically a clear, eye-catching image that cause me to stop scrolling. Like the image in this paragraph.
The marketing of your home should coincide with the reality of your home. That is, when a buyer comes to your home, it should create a “stickiness” in the mind of the buyer. For an example of what I mean by sticky, check out this Homeselling 101 post.